Most business leaders are aware that there are valuable tax incentives available from the Canadian Government. Despite knowing this, many businesses do not get around to taking advantage of these programs. Often this is because we get too busy. Another reason is these programs are ambiguous, confusing, and hard to understand.
Small Business BC has partnered with Catax, who are tax incentive experts, to help our community take advantage of these beneficial incentive programs. Catax enables businesses to identify opportunities and turn that into cash payments from the Government.
What are Innovation Incentives?
Innovation incentives allow businesses in British Columbia to recover up to 41% of the expenses associated with innovation & development behaviours in your business going back as far as two full financial years. The timeline for eligibility expires, so therefore we urge our community to act immediately to ensure you do not miss out by losing what you can claim.
How Can Businesses Qualify?
Businesses qualify when they perform some level of innovation or development, to overcome unique challenges in their business. Most companies need to overcome some unique challenges where the exact solution is not common knowledge or easily identified. If this describes you, then the chances are you will qualify.
Qualifying businesses come from every industry and are of every size and legal structure. Examples include a local craft brewery attempting to create a unique type of beer. Or a company looking to take time-consuming manual processes and automate them through technology or software, a new farming approach or the creation of an original recipe in the kitchen, or in the factory, or even in road building or maintenance.
Any business that is transforming a physical product from one state to another, manufacturing and creating physical products, and growing products from the ground are likely to qualify.
What Types of Expenses Can a Business Recover?
These innovation tax incentives allow you to recover expenses in many cost categories. They usually include employee salaries, contractors & consultants, customized machinery & equipment, wasted material used in the development of a product.
Who is Catax?
Catax and its team of 140 professionals are experts in claiming Innovation Incentives for clients. Over the last 12 years, they have grown to support 14,500 recurring clients claiming annually. They have a first-rate reputation and have been recognized by multiple professional associations and bodies for expertise. The Catax approach minimizes a client’s time commitment to between 4 and 5 hours, rather than the 40-hour burden usually required for a claim.
Catax work on contingency, therefore if you are not successful in claiming it will not cost you a penny.
To engage Catax and understand how your business will qualify, please take Catax’s 2-minute qualification analysis, or book an appointment with Dawson Drolet, one of their Regional Development Directors, here.